Hugo and Lino Lakes Market Report for October 2014

Hugo MN Real Estate Stats
October 2014

HUGO, MN REAL ESTATE STATS

According to Trulia, the median sales price for homes in Hugo, MN for Jul 14, 2014 to Oct 14, 2014 was $183,603. This represents a decline of 3.4%, or $6,397, compared to the prior quarter and a decrease of 19.1% compared to the prior year.

• Sales prices have appreciated 19.6% over the last 5 years in Hugo. 
• The average listing price for Hugo homes for sale on Trulia was $302,115 for the week ending Oct 22, which represents an increase of 2.6%, or $7,568, compared to the prior week and an increase of 2.1%, or $6,218, compared to the week ending Oct 01. 
• Average price per square foot for Hugo MN was $154, an increase of 6.9% compared to the same period last year.

LINO LAKES, MN REAL ESTATE STATS

Lino Lakes MN Real Estate Stats
October 2014

The average listing price for Lino Lakes homes for sale on Trulia was $300,095 for the week ending Oct 22, which represents a decline of 1.3%, or $3,970, compared to the prior week and a decline of 5.4%, or $17,185, compared to the week ending Oct 01.

• Sales prices have appreciated from $263,675 to $276,900 over the last 5 years in Hugo. 
• The average price per square foot is similar to the pricing we saw in 2003.
• Average price per square foot for Lino Lakes, MN has maintained around $162 for the last year.

So what does the market FEEL like to an active local agent?  

Prices have gotten a bit "soft" in the last few months and buyers seem less active; particularly in homes over $300k.
Demand still feeling particularly high for entry level homes under $125k but these buyers aren't looking for an investment or remodeling project, they are looking for something liveable (and financeable).

The REALTOR association finally reported (on a national level) what I have been feeling locally for a few months: "price appreciation is slowing as foreclosures dry up and investors retreat"
 and this is evident in the number from our local MLS.

• The "Months Supply" of inventory for 55038 and 55014, the indicator of Buyer's vs Seller's market, hit 5 months in August  (we say the market tips in the buyer's favor at 3 months supply) so we definitely tipped back into the buyer's favor this fall.
• In 2013, these areas saw 815 home sales with a media price of $195,000. So far in 2014, we have seen 552 sales with a median price of $207,450.
• In 2013, we saw 24 homes sell over $500k. So far in 2014 we have seen 12 homes sell over $500k.
• In 2013, we saw 62 homes sell under $100k. So far in 2014 we have seen 11 homes sell under $100k.
• In 2013, we saw 15 homes sell over 4,000 sq ft at a media price of $483,150. So far in 2014 we have seen 8 homes sell over 4000 sq ft at a median price of $456,250.
• In 2013, homes listed between $350k and $450k sold in an average of 21 days. So far in 2014 homes listed between $350k and $450k sold in an average of 45 days.

So I ask: What is influencing your willingness to buy or sell a home in the coming months?

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